(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

CHARLOTTE—Wood Partners is developing a 246-unit multifamily complex in the heart of Charlotte’s booming Northlake area. Perimeter Lofts will sit on 10.6 acres and offer two four-story multifamily buildings and six carriage buildings. The multifamily community will offer a mix of flats, carriage, loft, and direct access brownstone units.

“Charlotte has emerged from the recession with a more stable and diversified job base,” Carter Siegel, a director at Wood Partners, tells GlobeSt.com. “While the banking sector employs more people today than before 2008, those jobs are now spread among multiple banks.”

Beyond banks, Siegel points to an emerging energy sector and numerous relocations, including Chiquita, Husqvarna, and Electrolux. The influx of jobs is driving multifamily demand. According to Wood data, the Charlotte MSA has absorbed more than 8,000 units in the past 16 months. Rents are up and vacancy rates are well below 7%.

“As expected, all these good fundamentals have brought a significant level of new development to the market,” Siegel says. “With all this new competition, it has become even more important than ever to find development opportunities that have lasting strategic advantages.”

Perimeter Lofts is less than 12 minutes from uptown Charlotte and surrounded by more than 3 million square feet of restaurants and retail. The multifamily community is also across the street from Northlake Mall, the newest enclosed mall in Charlotte whose anchors include Belk, Macy’s, Dillard’s, Dick’s Sporting Goods, and AMC Theatres. Also nearby Perimeter Lofts are more than 900,000 square feet of retail stores such as Super Target, REI, Best Buy, and PetSmart.

“We feel our project will attract primarily young professionals, and at only 12 minutes from downtown Charlotte, we expect Perimeter Lofts will attract residence looking for a more affordable urban experience,” Siegel says. The community is visible from I-77 and only a few blocks from the I-485 outer loop, providing easy access to Uptown Charlotte, the city’s largest employment center. Leasing is expected to begin in January 2013 and construction will be completed by July 2013.

Instant Insights /

Wood Partners Developing Multifamily Complex in Northlake

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